Noonan on Greenspan:
The book has merits--it is blessedly lucid on how the Fed works and how Fed-heads think--but there is within it a great disconnect. I was thinking about this when I got a note from a former U.S. senator who groused about "the phenomena of high-level public officials 'bravely speaking out' after they have left office." He scored Mr. Greenspan as "perfectly free to have spoken out about the need for the President to veto more spending bills on numerous occasions when he was testifying in public." My correspondent says Mr. Greenspan's "total silence" while in office does not exactly qualify as "bravely speaking out."
The former senator has a point. It can be summed up as: Now you tell us? It doesn't take courage to speak clearly when no one can hurt you. It takes guts to be candid when candor can earn powerful enemies.